Economics
Canadian Consumer Insolvencies Fall to Lowest in Two Decades
- Government support and deferrals kept households afloat
- Still, fourth quarter saw biggest uptick in filings since 2009
Photographer: Ben Nelms/Bloomberg
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Canadian consumer insolvencies fell last year to the lowest level in two decades, as government support measures and creditor deferral programs allowed borrowers to keep making monthly payments.
There were 96,458 filings in 2020, the lowest since 2002, the Office of the Superintendent of Bankruptcy Canada reported Friday. That’s down 30% from 137,178 consumer insolvencies in 2019, the largest one-year decline in records back to 1987.